The Stein Roe Advisor Floating Rate Fund, which was launched Monday, invests its net investable assets in Stein Roe Floating Rate Limited Liability Co., a nondiversified, closed-end management investment company that has the same investment objective as the fund, according to a prospectus filed with the Securities and Exchange Commission.

The holdings include non-investment-grade senior floating-rate bank loans, a spokeswoman said.

Stein Roe, a unit of Liberty Financial Cos. of Boston, is primarily a no-load shop with a focus on equity investing. But it has four load funds with $537 million of assets under management, the spokeswoman said.

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